Presentation for Bayer's Q2 2017 Investor Conference Call on July 27, 2017

1. July 27, 2017 / Werner Baumann, CEO
Q2 2017 Results
Investor Conference Call

2. Certain statements contained in this communication may constitute “forward-looking statements.” Actual results could differ materially
from those projected or forecast in the forward-looking statements. The factors that could cause actual results to differ materially include
the following: uncertainties as to the timing of the transaction; the possibility that the parties may be unable to achieve expected
synergies and operating efficiencies in the merger within the expected time-frames or at all and to successfully integrate Monsanto’s
operations into those of Bayer; such integration may be more difficult, time-consuming or costly than expected; revenues following the
transaction may be lower than expected; operating costs, customer loss and business disruption (including, without limitation, difficulties
in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the announcement
of the transaction; the retention of certain key employees at Monsanto; risks associated with the disruption of management’s attention
from ongoing business operations due to the transaction; the conditions to the completion of the transaction may not be satisfied, or the
regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; the parties’
ability to meet expectations regarding the timing, completion and accounting and tax treatments of the merger; the impact of the
refinancing of the loans taken out for the transaction, the impact of indebtedness incurred by Bayer in connection with the transaction
and the potential impact on the rating of indebtedness of Bayer; the effects of the business combination of Bayer and Monsanto,
including the combined company’s future financial condition, operating results, strategy and plans; other factors detailed in Monsanto’s
Annual Report on Form 10-K filed with the SEC for the fiscal year ended August 31, 2016 and Monsanto’s other filings with the SEC,
which are available at http://www.sec.gov and on Monsanto’s website at www.monsanto.com; and other factors discussed in Bayer’s
public reports which are available on the Bayer website at www.bayer.com. Bayer and Monsanto assume no obligation to update the
information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date.
Cautionary Statements Regarding Forward-
Looking Information
• Q2 2017 Investor Conference Call • Werner BaumannPage 2

3. Q2 2017 – Highlights
Group performance matches prior year, despite declines at Crop Science
Pharmaceuticals posts strong growth in earnings and margins
Brazil business weighs on Crop Science
Consumer Health encounters difficult market environment in the United States
Group outlook for FY 2017 adjusted
Pharma pipeline progress with Xarelto, Stivarga and Vilaprisan – Anetumab disappoints
Takeover approval of the agreed acquisition of Monsanto filed with EU regulators
Stake in Covestro further reduced
• Q2 2017 Investor Conference Call • Werner BaumannPage 3

4. in € million
% currency & portfolio adj.
+1%
2,1512,138
+2%
12,193
11,833
±0%
3,0563,054
-13%
1.81
2.07
Q2’17Q2’16 Q2’17Q2’16 Q2’17Q2’16 Q2’17Q2’16
Q2 2017 – Slight Increase in Sales While
Adjusted EBITDA Matched Prior-year Period
• Q2 2017 Investor Conference Call • Werner Baumann
EBIT
in € million
EBITDA
before special items
in € million
Core EPS
cont. operations
in €
Sales
Page 4

5. Key Themes for Q2 2017
Pharma is on track to deliver growth and margin improvement
Consumer Health impacted by a difficult US market environment
Inventory adjustment in Brazil affecting the performance of Crop Science
• Q2 2017 Investor Conference Call • Werner BaumannPage 5

6. Group Outlook for FY 2017
,
Sales Group €46.8bn Mid-single-digit % increase to >€49bn
Life Sciences €34.9bn Low-single-digit % increase to €35bn - €36bn
Adj.
EBITDA
Group €11.3bn High-single-digit % increase
Life Sciences €9.3bn Slightly above prior year level
Core EPS €7.32 Low- to mid-single-digit % increase
• Q2 2017 Investor Conference Call • Werner Baumann
Assuming end Q2 2017 Fx rates
Outlook depends on specific planning assumptions as detailed in the Annual Report
Sales ∆ % yoy Fx and portfolio adj., EBITDA before special items
Continuing operations
2016
Forecast 2017
update July
Page 6
Change

7. Main Aspects for 2H 2017 and Going Forward
Pharma with continued momentum and on track to achieve FY 2017 guidance
COMPASS trial data for Rivaroxaban (Xarelto) to be presented at ESC meeting, Aug.27th
Consumer Health focus is to manage and improve the performance in the U.S.
Crop Science positioned to resume growth in H2 2017
Next steps in financing of Monsanto transaction contingent on visibility to closing
Still targeting to close the acquisition of Monsanto by the end of 2017
• Q2 2017 Investor Conference Call • Werner BaumannPage 7

8. Appendix
Q2 2017 Results
Investor Conference Call

9. in € billion
Q2 2017 – Cash Flow And Net Financial Debt
Development
• Q2 2017 Investor Conference Call • Werner Baumann
-€1.0bn
Mar. 31, 2017 June 30, 2017
10.4
Cash Flow
in € million, ∆% yoy Fx adj., continuing operations
Net Financial Debt
9.4
CapEx
Operating
Cash Flow
2,316 476
∆
y-o-y -19%
EBITDA
2,983
+1% +16%
Page 9

10. before special items, in € million; ∆% yoy
Q2 2017 – Pharmaceuticals Posts Strong
Growth in Earnings and Margins
• Q2 2017 Investor Conference Call • Werner Baumann
Q2‘17 sales in € million, ∆% yoy, Fx adj.
834 +18%
458 +11%
105 +28%
83 +21%
75 +18%
Sum 1,555 +17%
Key Growth ProductsSales
in € million; ∆% yoy, Fx & portfolio adj.
EBITDA
4,104 4,304 +4%
1,352
1,481
Q2‘16
+10%
Q2‘17Q2‘16Q2‘17
Page 10

11. before special items, in € million; ∆% yoy
252* +5%
159 -12%
101 -11%
100 +5%
Sum 612 -3%
Q2 2017 – Consumer Health Encounters
Difficult Market Environment in the U.S.
• Q2 2017 Investor Conference Call • Werner Baumann
*incl. Aspirin Cardio
Sales
in € million; ∆% yoy, Fx & portfolio adj.
1,553 1,542 -2%
328
-4%
Q2‘17 sales in € million, ∆% yoy, Fx adj.
Top Products EBITDA
Page 11
Q2‘17Q2‘16Q2‘16 Q2‘17
314

12. Q2‘17 sales in € million, ∆% yoy, Fx adj.
Q2'16 Q2'17
Q2 2017 – Brazil Business Weighs
on Crop Science
• Q2 2017 Investor Conference Call • Werner Baumann
Europe / Middle East
/ Africa
908 ±0%
North America 865 +5%
Asia / Pacific 459 -2%
Latin America -69 •
Environm.
Science
Seeds
Seed
Growth
Fungicides
Insecticides
Herbicides 742
192
256
502
137
334
+21%
+5%
-6%
-40%
-17%
-6%
2,163
663
317
Q2‘16 Q2‘17
769
155
302
840
144
308
2,518
-16%
Sales
in € million; ∆% yoy, Fx & portfolio adj.
Regions EBITDA
before special items, in € million; ∆% yoy
2016 figures restatedPage 12
Q2‘17Q2‘16
-52%

13. 146 -8%
81 +17%
33 +5%
31 +26%
Sum 291 +3%
Q2 2017 – Gratifying Performance at
Animal Health
• Q2 2017 Investor Conference Call • Werner Baumann
Sales
in € million; ∆% yoy, Fx & portfolio adj.
426 450 +2%
Q2‘16 Q2‘17
100
116 +16%
Q2‘17 sales in € million, ∆% yoy, Fx adj.
Top Products EBITDA
before special items, in € million; ∆% yoy
Page 13
Q2‘17Q2‘16

14. • Q2 2017 Investor Conference Call • Werner BaumannPage 14
Pharma
Mid-single-digit % increase to
>€17bn.
Key growth products >€6bn
High-single-digit % increase.
Margin improvement
Consumer
Health
On prior-year level (~€6bn)
High-single-digit percentage
decline
Crop Science
Low-single-digit % decrease to
<€10bn
Mid-teens-percentage decline
Animal Health
Low- to mid-single-digit %
increase
High-single-digit % increase
Assuming end Q2 2017 Fx rates
Outlook depends on specific planning assumptions outlined in the Annual Report
Sales Adj. EBITDA
FY 2017 – Guidance by Life Science Segment
(update July 2017)
Sales ∆ % yoy Fx and portfolio adj.,
EBITDA before special items
Continuing operations
Change

15. July 27, 2017 / Werner Baumann, CEO
Q2 2017 Results
Investor Conference Call